6 indicted in alleged real estate scheme run out of a Palisades Park office

By ABBOTT KOLOFF

Staff writer |

The Record

Six people have been indicted on charges related to a fraudulent real estate scheme that was run out of a Palisades Park office, stealing money from victims who believed they were investing in local property and a development in Vietnam, authorities said Friday.

Four people were arrested this week while two others remain at large, Bergen County Prosecutor John L. Molinelli said in a release. All have been charged with theft by deception and conspiracy to commit theft by deception.

Ki Sung Chung, 55, and his wife, Soon Hwa Park-Bergman, 53, of Norwood, ran a business called Newstar Realty & Investment in Palisades Park that took $260,000 from a woman who believed she was investing in three houses, Molinelli said. He said the suspects showed the victim a counterfeit check to make her believe that some of her money was going to a construction company to repair one of the homes.

Their accomplices in the alleged scheme were a Fairview couple, Hyang Son Yi, 56, who worked for them, and her husband, Ki Jung Yun, 51, Molinelli said. The four were taken into custody on Thursday, one day after they were indicted by a grand jury and a judge issued warrants for their arrest, he said.

Chung also worked with a Palisades Park couple, Dennis Oak, 73 and Beverly Oak, 63, to allegedly steal $300,000 from a man who believed he was investing in a real estate development in Vietnam, Molinelli said. Dennis and Beverly Oak “have not been arrested as their whereabouts are unknown,” Molinelli said.

The four suspects who were arrested are being held in the Bergen County Jail in lieu of $75,000 bail each, Molinelli said.

6 indicted in alleged real estate scheme run out of a Palisades Park office

By ABBOTT KOLOFF

Staff writer |

The Record

Six people have been indicted on charges related to a fraudulent real estate scheme that was run out of a Palisades Park office, stealing money from victims who believed they were investing in local property and a development in Vietnam, authorities said Friday.

Four people were arrested this week while two others remain at large, Bergen County Prosecutor John L. Molinelli said in a release. All have been charged with theft by deception and conspiracy to commit theft by deception.

Ki Sung Chung, 55, and his wife, Soon Hwa Park-Bergman, 53, of Norwood, ran a business called Newstar Realty & Investment in Palisades Park that took $260,000 from a woman who believed she was investing in three houses, Molinelli said. He said the suspects showed the victim a counterfeit check to make her believe that some of her money was going to a construction company to repair one of the homes.

Their accomplices in the alleged scheme were a Fairview couple, Hyang Son Yi, 56, who worked for them, and her husband, Ki Jung Yun, 51, Molinelli said. The four were taken into custody on Thursday, one day after they were indicted by a grand jury and a judge issued warrants for their arrest, he said.

Chung also worked with a Palisades Park couple, Dennis Oak, 73 and Beverly Oak, 63, to allegedly steal $300,000 from a man who believed he was investing in a real estate development in Vietnam, Molinelli said. Dennis and Beverly Oak “have not been arrested as their whereabouts are unknown,” Molinelli said.

The four suspects who were arrested are being held in the Bergen County Jail in lieu of $75,000 bail each, Molinelli said.